Technical analytics

Fibonacci analysis of USDCAD


USD/CAD traded mixed yesterday. The exchange rate started the day on the defensive. Sellers drove the market through the EMA50, the retracement of 23.6% and the 1.3100 handle towards 1.3050. The selling pressure was strong and the spot to continue its sell-off. However, buyers seized control at 1.3050 which is the Fibonacci retracement of 23.60%. The US dollar touched the level and pulled back. Bulls headed to 1.3100 where the EMA50 stopped them. MACD remained close to the mid-line. Stochastic bounced off the oversold levels. The EMA50 turned neutral. The EMA200 kept heading higher. The resistance stands at 1.3100, the support is at 1.3050.

The short-term picture favors the downside. If the USD/CAD pair remains below 1.3100, sellers might extend their gains down to 1.3050.